Aqueous dispersions of olefinically unsaturated monomers can be subjected to polymerization conditions to form emulsions of an addition polymer or copolymer. Emulsions of this type can be used in the preparation of paints and lacquers and bonding agents. Such emulsions can be obtained by polymerizing one or more monomers in aqueous dispersion with a suitable catalyst system and the necessary emulsifiers, stabilizers and other additives. To obtain a stable emulsion certain combinations of emulsifiers are used in most cases; alternatively, protective colloids are added. The disadvantage of these processes is that, under given conditions, these stabilizing compounds can combine with other substances in the emulsion, such as e.g., pigments, so that reduction of the storage stability and of the mechanical stability of the emulsion results. A further disadvantage is that the emulsifiers and the protective colloids used to stabilize the emulsion are retained in the coat of paint or lacquer as foreign components.